Vancouver - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (the 'Company' or 'First Majestic') is pleased to announce the unaudited interim consolidated financial results of the Company for the first quarter ended March 31, 2022.

The full version of the financial statements and the management discussion and analysis can be viewed on the Company's website at www.firstmajestic.com or on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise.

FIRST QUARTER 2022 HIGHLIGHTS

Silver equivalent production totalled 7.2 million ounces, up 59% compared to Q1 2021. Total production consisted of 2.6 million ounces of silver and 58,891 ounces of gold

Quarterly revenues totalled $156.8 million, or an increase of 56% compared to Q1 2021

Mine operating earnings of $15.1 million, or a decrease of 46% compared to Q1 2021

Operating cash flows before movements in working capital and taxes totalled $35.3 million, an increase of 14% compared to Q1 2021

Cash costs were $14.94 per AgEq ounce

All-in sustaining costs ('AISC') were $20.87 per AgEq ounce

Net earnings of $7.3 million (EPS of $0.03) or adjusted net earnings of ($6.2) million (adjusted EPS of ($0.02)) after excluding non-cash and non-recurring items

Sold a record 156,200 ounces of silver bullion, or approximately 6.0% of the quarterly silver production, on First Majestic's bullion store at an average price of $27.86 per ounce for total proceeds of $4.4 million

Cash and cash equivalents as of March 31, 2022 was $192.8 million. In addition, the Company has a strong working capital position of $194.4 million and total available liquidity of $294.4 million

Declared a cash dividend payment of $0.006 per common share for the first quarter of 2022 for shareholders of record as of the close of business on May 25, 2022, which will be distributed on or about June 10, 2022

'In the first quarter, we faced a number of obstacles and challenges that were outside of our usual control,' stated Keith Neumeyer, President & CEO. 'Not only was Mexico hit hard with the Omicron COVID-19 variant which significantly reduced personnel and production rates across our operations, we experienced increasing inflationary cost pressure across the operating portfolio for reagents and consumables such as diesel, cyanide and grinding media. Cost-cutting measures are underway across the Company to improve profitability and help reduce further impacts to the business. In addition, efforts to improve efficiencies at Jerritt Canyon remain a key focus. As we reached the one-year anniversary of the acquisition, our team has made significant investments and operating improvements within the mines and at the processing plant. As production comes online at the West Generator and Saval II mines in the coming months, we anticipate improved production rates to drive costs lower.'

ABOUT THE COMPANY

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Jerritt Canyon Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine.

First Majestic is proud to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at its Bullion Store at some of the lowest possible premiums.

Cautionary Note Regarding Forward Looking Statements

This press release contains 'forward looking information' and 'forward-looking statements' under applicable Canadian and U.S. securities laws (collectively, 'forward looking statements'). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company's business strategy; future planning processes; commercial mining operations; cash flow; budgets; the timing and amount of estimated future production; ore grades; recovery rates; mine plans and mine life; integration of operations; future sales; the future price of silver and other metals; costs of production; costs and timing of development at the Company's projects; capital projects and exploration activities and the possible results thereof and payment of dividends. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated.

Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward looking statements. Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of measured and indicated mineral resources or proven and probable mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as 'seek', 'anticipate', 'plan', 'continue', 'estimate', 'expect', 'may', 'will', 'project', 'predict', 'forecast', 'potential', 'target', 'intend', 'could', 'might', 'should', 'believe' and similar expressions) are not statements of historical fact and may be 'forward looking statements'.

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19, and any other pandemics on our operations and workforce, and the effects on global economies and society, risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled 'Description of the Business - Risk Factors' in the Company's most recent Annual Information Form, available on www.sedar.com, and Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

The Company believes that the expectations reflected in these forward looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

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